MCX gold futures ended 0.61% higher at Rs 52,548 on Monday
Gold Price In India: Domestic gold futures gained nearly 1 per cent on Monday tracking global spot rates. Multi Commodity Exchange (MCX) gold futures – due for a delivery on October 5 – rose by as much as Rs 480 – or 0.92 per cent – to Rs 52,707 during the session. The MCX gold futures contract settled at Rs 52,548 for the day, up Rs 321 – or 0.61 per cent – from its previous close. (Track Gold Price Here | Silver Is Outperforming Gold, Is It The New Gold?)
In the international market, the price of gold rose on Monday as the dollar eased, recouping initial declines following a steep drop in the previous week, with focus on the release of Federal Reserve minutes later this week.
Spot gold was last seen trading 0.3 per cent higher at $1,949.09 per ounce.
Gold has been one of the most consistent gainers through the six months of coronavirus-led turmoil in financial markets, benefiting from a flood of capital into the world economy and investors seeking a relatively safe location to park money with interest rates at or near zero.
(Also Read: Gold’s “Dream Run” May Continue, Say Analysts)
(Gold futures had risen to an all-time high of Rs 56,191 this month)
The closing rate of gold jewellery stood at Rs 52,874 per 10 grams on Monday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Closing #Rates for 17/08/2020#IBJApic.twitter.com/lsBENZg4k3
— IBJA (@IBJA1919) August 17, 2020
What Analysts Say
“Gold came under pressure as a rally to record high level exhausted amid lack of fresh positive triggers. While gold is well off the recent lows, prices have turned choppy reflecting waning confidence about renewed surge in prices,” said Ravindra Rao, VP-head commodity research, Kotak Securities.
“The sharp selloff in gold in last few days has dented market sentiment hence we are likely to see choppy trade however we may see buying interest emerging at lower levels amid increasing risks to global economy.”
